GENERIC FIRM · WEALTH ADVISORY
Estate Plan Review
Prepared for: Taylor Morgan | Matter JRG-2026-0042 | June 2026
Summary
Taylor Morgan is single with two adult children, a New York resident, with an estate of roughly
$15M. The plan is anchored by a revocable living trust, with retirement and life-insurance assets
passing by beneficiary designation and personal property through a pour-over will.
What we reviewed
- Revocable Living Trust (2021) — primary residence, investment portfolio, business interests
- Pour-over will & personal property memorandum
- Beneficiary designations — IRA/401(k) and life insurance
- Durable power of attorney & health-care proxy
Observations & gaps
New York estate tax cliff. The estate exceeds the ~$7.16M NY
exemption. Because NY phases out the exemption entirely above the cliff, the full estate — not just
the excess — is exposed. Primary planning focus.
- No portability in New York — each estate is taxed separately.
- Life insurance currently inside the taxable estate; an ILIT is a scenario to model.
- Non-spouse retirement heirs face the SECURE Act 10-year drawdown.
Scenarios to model / discuss with counsel
- ILIT to move the $1.5M policy outside the estate.
- FLP/LLC valuation discounts on real estate & business interests.
- Roth conversions to ease the heirs' 10-year tax drag.
Illustrative — not legal or
tax advice. To be confirmed with the client's attorney and tax advisor.